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ICICI Prudential launches cancer care plan
A 30-year old man will pay about Rs 275 per month for a Rs 10 lakh cover up to the age of 65, while a woman will pay Rs 465 per month.
India's top private life insurer ICICI Prudential on Monday launched a comprehensive health insurance scheme that covers a cancer patient's expenses starting from diagnosis to treatment.
The product 'Cancer Care' can be bought by healthy individuals for a coverage amount of Rs 5-25 lakh and the premium paid is eligible for tax benefit under section 80D.
"With about 7 lakh new cancer cases detected every year in India, cancer is becoming a big problem as treatment is very costly," ICICI Prudential Life Insurance managing director Shikha Sharma said.
The product makes cash payments to cover direct as well as incidenetal expenses that are associated with cancer treatment and there is virtually no burden on the patient.
If cancer is detected at an advanced stage, premium payment by the policyholder is waived as the person will not be in a position to work.
The premium for cancer coverage is higher for women as they are more prone to the diseases than men.
A 30-year old man will pay about Rs 275 per month (Rs 3,310 per annum) for a Rs 10 lakh cover up to the age of 65, while a woman will pay Rs 465 per month (Rs 5,580 per annum).
"The differential rate of premium is due to the higher risk level for women who are more prone to breast and cervix cancer," ICICI Pru chief actuary V Rajagopalan said.
Sharma said the standalone health product for cancer was thought due to its unique financial requiremnent as cancer treatment could require 20-25 lakh while other critical illness may need Rs 3-4 lakh.
The entry age for Cancer care is 20-55 years of age and there is no surrender value.
